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Close Brothers Shares Surge Amid £9.1 Billion Compensation Plan

4/8/2026

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Summary

Story summary

Close Brothers' shares rose 17% after it said it could manage its £320 million share of a £9.1 billion compensation bill.
The Financial Conduct Authority's compensation scheme aims to resolve overcharged motor finance loans, with victims receiving average payouts of £830.
FirstRand plans to sell its UK operations because of the scheme's costs.
Aldermore, part of FirstRand, is exploring ownership transition options amid these challenges.

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Story summary

Close Brothers' shares rose 17% after it said it could manage its £320 million share of a £9.1 billion compensation bill.
The Financial Conduct Authority's compensation scheme aims to resolve overcharged motor finance loans, with victims receiving average payouts of £830.
FirstRand plans to sell its UK operations because of the scheme's costs.
Aldermore, part of FirstRand, is exploring ownership transition options amid these challenges.